US monthly fuel demand rises to three-year high

Total deliveries of petroleum products, a measure of demand, climbed 0.4% from a year earlier to 18.6 million bpd, the API said. It was the highest level for March since 2011.

Keywords:

By MARK SHENK

Bloomberg

US fuel consumption increased in March to the highest level
for the month in three years, the American Petroleum
Institute (API) said.

Total deliveries of petroleum products, a measure of demand,
climbed 0.4% from a year earlier to 18.6 million bpd, the
industry-funded group said Thursday. It was the highest level
for March since 2011.

Gasoline consumption rose 2.3% to 8.81 million bpd. Demand
for distillate fuel, the category that includes diesel and
heating oil, increased 2.4% to 3.86 million bbl. Heating oil
use surged 26% to 453,000 bpd, while diesel demand slipped
0.1% to 3.41 million.

March brought strong demand for both gasoline and
distillate fuel, but refinery production actually
outstripped demand for all four major products, John
Felmy, chief economist at the API in Washington, said in the
report. Fortunately, the rest of the world is also
eager to buy the output of US refineries.

Production of gasoline and distillates reached record highs
for the month, the API said, with distillates up 12% to 4.79
million bpd and gasoline gaining 4.7% to 9.32 million. Fuel
exports rose 28% to 3.99 million bbl in March compared with a
year earlier. This was the first time exports dipped below 4
million in four months.

Total oil and fuel imports rose 0.4% in March to 9.49 million
bpd, the second-lowest import total in 18 years.

Jet fuel consumption dropped 1.6% to 1.35 million bpd last
month. Demand for residual oil, used for commercial and
industrial heating, electricity generation and ship
propulsion, dropped 29% to 306,000 bpd, a record low for
March.

Have your say

All comments are subject to editorial review.
All fields are compulsory.